HDFC Arbitrage Fund vs Old Bridge Arbitrage Fund
HDFC Arbitrage Fund and Old Bridge Arbitrage Fund are both Arbitrage funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +7.23% vs —, 5-year CAGR +6.73% vs —, volatility 0.60% vs 1.40%, maximum drawdown −0.73% vs −0.70%. Their portfolios overlap by 45.6% (90 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Fund house | HDFC Mutual Fund | Old Bridge Mutual Fund |
| Compared as | Arbitrage | Arbitrage |
| NAV | ₹21.9470 | ₹10.6279 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 27 Mar 2014 | 14 Nov 2025 |
| Track record | 12.6 yrs | 1.0 yrs |
| Fund size (AUM) | ₹25,407 Cr | ₹254 Cr |
| Securities held | 179 | 97 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| 1 month | +0.39% | +0.38% |
| 3 months | +1.57% | +1.56% |
| 6 months | +3.20% | +3.16% |
| 1 year | +6.58% | — |
| 3 years (CAGR) | +7.23% | — |
| 5 years (CAGR) | +6.73% | — |
| 7 years (CAGR) | +6.04% | — |
| 10 years (CAGR) | +6.12% | — |
| Since launch (CAGR) | +6.43% | — |
| SIP return (XIRR, 5 years) ⓘ | +7.06% | — |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| 2026 (year to date) | +5.49% | +5.39% |
| 2025 | +6.93% | — |
| 2024 | +8.22% | — |
| 2023 | +7.78% | — |
| 2022 | +4.73% | — |
| 2021 | +4.17% | — |
Risk
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Volatility (annualised) ⓘ | 0.60% | 1.40% |
| Downside volatility ⓘ | 0.40% | 1.07% |
| Sharpe ratio ⓘ | 1.24 | -0.07 |
| Sortino ratio ⓘ | 1.88 | -0.10 |
| Maximum drawdown ⓘ | −0.73% | −0.70% |
| Recovery from that fall | 0 months | 0 months |
| Current fall from peak | −0.14% | −0.13% |
| Rolling 1-year return: worst | +3.31% | — |
| Rolling 1-year return: median | +6.60% | — |
| Rolling 1-year return: best | +8.63% | — |
| Share of 1-year periods with a loss | 0.00% | — |
Against each fund's benchmark
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Beta ⓘ | — | — |
| Alpha (Jensen's, annualised) ⓘ | — | — |
| R² ⓘ | — | — |
| Upside capture | — | — |
| Downside capture | — | — |
| Tracking error | — | — |
| Information ratio | — | — |
| Treynor ratio | — | — |
Portfolio
Asset mix
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Equity | 67.53% | 79.39% |
| Mutual Fund Units | 18.38% | 0.00% |
| Debt | 9.04% | 11.54% |
| Cash & equivalents | 5.05% | 9.07% |
Market-cap split (share of fund assets)
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Large Cap | 55.58% | 64.10% |
| Mid Cap | 10.25% | 13.34% |
| Small Cap | 1.70% | 1.95% |
| Unclassified | 0.00% | 0.00% |
Concentration
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Top 10 holdings | 41.87% | 38.59% |
| Effective number of stocks ⓘ | 39.3 | 44.9 |
| Securities held | 179 | 97 |
Portfolio overlap: 45.6%
90 companies are held by both funds; by weight, 45.6% of the two portfolios is the same. That is a moderate overlap.
| Held by both | HDFC Arbitrage | Old Bridge Arbitrage |
|---|---|---|
| ICICI Bank Limited | 5.04% | 5.25% |
| HDFC Bank Limited | 5.04% | 4.76% |
| Reliance Industries Limited | 3.39% | 5.43% |
| Bharti Airtel Limited | 3.31% | 3.72% |
| Axis Bank Limited | 2.87% | 2.36% |
| Tata Steel Ltd. | 1.55% | 2.44% |
| JSW Steel Limited | 2.32% | 1.47% |
| State Bank of India | 2.30% | 1.33% |
| Punjab National Bank | 1.27% | 1.46% |
| Divi's Laboratories Limited | 1.26% | 1.28% |
| Canara Bank | 1.52% | 1.18% |
| IDFC First Bank Limited | 0.95% | 2.23% |
| Indus Towers Limited | 0.81% | 3.73% |
| Coal India Limited | 0.87% | 0.79% |
| Bank of Baroda | 0.74% | 0.90% |
Top 10 holdings
HDFC Arbitrage
- HDFC Money Market Fund - Direct Plan - Growth Option9.14%
- HDFC Bank Limited5.04%
- ICICI Bank Limited5.04%
- Union Bank of India3.84%
- HDFC Liquid Fund - Direct Plan - Growth Option3.75%
- Reliance Industries Limited3.39%
- Bharti Airtel Limited3.31%
- Axis Bank Limited2.87%
- HDFC Ultra Short Term Fund - Direct Plan - Growth Option2.85%
- HDFC Low Duration Fund - Direct Plan - Growth Option2.64%
Old Bridge Arbitrage
- 364 DAY T-BILL 13.05.275.70%
- Reliance Industries Limited5.43%
- ICICI Bank Limited5.25%
- HDFC Bank Limited4.76%
- Indus Towers Limited3.73%
- Bharti Airtel Limited3.72%
- Shriram Finance Limited2.97%
- Tata Steel Ltd.2.44%
- Axis Bank Limited2.36%
- IDFC First Bank Limited2.23%
Sector exposure
| HDFC Arbitrage | Old Bridge Arbitrage | |
|---|---|---|
| Banks | 22.20% | 22.24% |
| Unclassified | 18.38% | 0.00% |
| Sovereign | 0.00% | 7.65% |
| Finance | 4.33% | 7.51% |
| Telecom - Services | 5.15% | 7.45% |
| Petroleum Products | 4.42% | 5.45% |
| ICRA A1+ | 5.00% | 0.00% |
| Ferrous Metals | 4.52% | 4.39% |
| Pharmaceuticals & Biotechnology | 2.97% | 4.21% |
| Automobiles | 3.07% | 0.23% |
| Capital Markets | 0.99% | 2.73% |
| Power | 1.72% | 2.54% |
| CRISIL A1+ | 2.51% | 0.00% |
| Electrical Equipment | 0.97% | 2.27% |
Questions people ask
What is the difference between HDFC Arbitrage and Old Bridge Arbitrage returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +6.58% vs —; 3-year CAGR +7.23% vs —; 5-year CAGR +6.73% vs —; 10-year CAGR +6.12% vs —. Past returns do not indicate future returns.
How do HDFC Arbitrage and Old Bridge Arbitrage compare on risk?
Volatility (36 monthly returns, annualised) 0.60% vs 1.40%; Sharpe ratio 1.24 vs -0.07; Sortino ratio 1.88 vs -0.10; maximum drawdown −0.73% vs −0.70%; beta — vs —.
How much do HDFC Arbitrage and Old Bridge Arbitrage overlap?
By weight, 45.6% of the two portfolios is invested in the same companies; 90 stocks are held by both, the largest shared positions being ICICI Bank Limited, HDFC Bank Limited, Reliance Industries Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of HDFC Arbitrage and Old Bridge Arbitrage?
HDFC Arbitrage: large cap 55.6%, mid cap 10.3%, small cap 1.7%. Old Bridge Arbitrage: large cap 64.1%, mid cap 13.3%, small cap 2.0% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 5 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.